Key Highlights
- Bitcoin started a major increase above the $105,000 resistance and traded to a new all-time high.
- BTC/USD is trading above a connecting bullish trend line with support at $108,000 on the 4-hour chart.
- Ethereum is showing positive signs above the $2,500 level.
- XRP price is consolidating and facing hurdles near $2.50.
Bitcoin Price Technical Analysis
Bitcoin price started a fresh increase above the $100,000 zone against the US Dollar. BTC was able to surpass the $105,000 and $108,000 resistance levels.
Looking at the 4-hour chart, the price settled above the $106,000 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). A new all-time high was formed at $111,939 and the price is now correcting some gains.
Recently, there was a minor decline below the $110,000 level. However, the bulls were active near the $107,000 zone. BTC is also trading above a connecting bullish trend line with support at $108,000 on the same chart.
Immediate support is near the $108,000 level. The next key support sits at $107,000 or the 50% Fib retracement level of the upward move from the $102,137 swing low to the $111,939 high.
A downside break below $107,000 might send Bitcoin toward the $105,000 support. Any more losses might send the price toward the $103,500 support zone.
On the upside, the price could face resistance near the $110,000 level. The next key resistance is $111,800. The main resistance could be $112,500. A successful close above $112,500 might start another steady increase.
In the stated case, the price may perhaps rise toward the $115,000 level. Any more gains might call for a test of $120,000.
Looking at Ethereum, the bulls seem to be in control, and they were able to push the price above the $2,650 resistance zone.
Today’s Economic Releases
- FOMC Minutes.
